Compiled by the Department of Management Studies, UWI, Cave Hill

Compiled by the Department of Management Studies, UWI, Cave Hill


There were a number of listings and De-Listings across the regional exchanges in 2012. On the Bahamas International Securities Exchange, Arawak Port Development was listed on April 23 2012. In Guyana, Rupununi Development Company Limited was listed on March 19 2012. In Jamaica, First Caribbean International Bank Jamaica, First Jamaica Investments Limited, Montego Freeport and Pegasus Hotels were De-listed, while on the main market Proven Investments was listed, and, Consolidated Bakeries, Paramount Trading Jamaica, C2W Music Limited and K. L.E. Group Limited were listed on the Junior Market. Supreme Ventures was De-listed from the Trinidad and Tobago Stock Exchange.

Full report


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  1. Justin Robinson January 7, 2013 at 7:09 AM #

    Again, the Guyanese stocks look interesting.


  2. David January 7, 2013 at 7:29 AM #

    @Dr. Robinson

    Bajan individual investors are not predisposed to invest in stocks. We are a risk-averse people. It explains 7 billion in savings and local asset which have disappeared to others.


  3. millertheanunnaki January 7, 2013 at 8:53 AM #

    @ Justin Robinson | January 7, 2013 at 7:09 AM |

    Sorry to be a fly in your ointment but the miller is rather concerned about the reliability of your advice.
    You know darn well that any sound investment decision should be made on reliable timely financial information which is the lifeblood of the decision-making process.
    Since 2011 you and your Board have been promising to the vested interests and indeed the general public that the NIS financials would be made ready in a future timely fashion. A commitment date of December 2011 was even made by your predecessor.

    Now December 2012 has come and gone and not one published set of financials even for 2010. Not even an explanation or technical excuse for this breach of promise.
    How do you think this look in the eyes of reasonable people?
    Whom do you think this reflects on and in what light?

    When you have been able to achieve the practically achievable task of presenting financial information on a historical basis we might then listen to you on your finance analyses, projections and prognostications.

    Sorry Dr. JR, but you had enough time to achieve your agreed targets. Mediocrity is nothing to emulate. If you want help just say so and it can be given.


  4. Justin Robinson January 7, 2013 at 9:22 AM #

    Miller, the status of the financials was reported in the press. An accounting firm was hired and the financial statements up to 2011 have been prepared. NIS statements are audited by the Auditor general. To deal with the backlog (we are dealing with accounts from 2002 to 2011), a tender was put out to hire private firms to speed up the job. There was one tender from Ernst and Young and they are currently undertaking the audits.

    Its not an acceptable state of affairs but when such backlogs develop, auditing that far back tends to be quite difficult and take time.


  5. millertheanunnaki January 7, 2013 at 10:01 AM #

    @Justin Robinson | January 7, 2013 at 9:22 AM |
    “NIS statements are audited by the Auditor general.”

    This is news to me! Are you saying that the AG is responsible for conducting financial audits for the NIS? Isn’t the AG more concerned about conducting audits of the 3 E’s (Economy, Efficiency and Effectiveness)? No wonder the long delays. Imagine the last audited statements were for the F/Y 2002.

    Is the NIS a Government Department or a separate Statutory Body or Agency?
    You really feel that if the AG can’t even get ordinary government departments and ministries to follow simple internal controls and implement the myriad recommendations to rectify the weaknesses and actual or potential fraud identified ‘ad nauseam’ in his reports is it possible to expect that same AG to conduct financial audits in a timely and cost effective manner for a quasi-commercial entity handling hundreds of millions of dollars?

    There are no Annual Reports to be seen at the NIS website (if there are, then tell us how to access them). What you are saying is that the last audited financials prepared and published for the NIS were for the f/y 2002.

    No wonder this country is in such a mess! Are the senior people working in the Finance Department graduates of the Management Faculty/Division of Cave Hill Campus that have pursued professional Accounting designations?


  6. David January 7, 2013 at 10:16 AM #



    What is required by law?

    Aren’t audited statements required to be laid in the house before being made public?

    The worry here is that this mess goes back to 2002 Miller!


  7. Justin Robinson January 7, 2013 at 11:34 AM #

    The NIS is a government department, not a Statutory Corporation, hence the requirement to be audited by the Auditor General. Its a bit of an odd arrangement, but technically the board oversees the national Insurance Fund. The NIS staff are civil servants and do not report to the board.


  8. Justin Robinson January 7, 2013 at 11:34 AM #

    But David on the risk aspect, the ordinary man seems quite willing to wager a lot of money on the ,lottery which is quite risky.


  9. David January 7, 2013 at 11:39 AM #

    @Dr. Robinson

    Buying a lotto ticket cannot be seen in the same light. It is the psychology linked to perceived quick and large returns by a society intoxicated by such. Probability of winning does not factor.


  10. Justin Robinson January 7, 2013 at 11:42 AM #

    True, but it suggests that we are not as risk averse as is often suggested.


  11. millertheanunnaki January 7, 2013 at 11:45 AM #

    @ David | January 7, 2013 at 10:16 AM |
    “The worry here is that this mess goes back to 2002 Miller!”

    And that is why we got rid of the previous political managers for putting up with incompetence. Should we also fire this lot?
    Are you not concerned about the contributions made during your working life and the risks to any future pensions if you don’t skip this place before 67.

    As far as the law is concerned it is not what the law says but more so its enforcement. The law requires that audited financial statements are laid in the House no later that 3 months after the end of the previous financial year.
    For example if the statutory body financial year end March 31 the 2003 financials should have been by law laid in Parliament by July 31, 2004.
    Nowt his is January 2013. How do you explain that if not as a result of total incompetence and possibly fraudulent activities committed under both administration.

    If you want me to lay off your friend say so and I would oblige but don’t bring any red herring excuse about the law.


  12. David January 7, 2013 at 11:52 AM #

    @Dr. Robinson

    In the strictest definition yes but in the mind of Bajans who do lotto it is not believed to be risk taking. Go figure.


    You are aware we are sure about the volume and complexity of work here. BU is concerned yes but we need to know the scope of the audit exercise to form a fair opinion.


  13. Justin Robinson January 7, 2013 at 12:04 PM #

    Miller, I think that you and others should be demanding on the NIS to get the financial up to date, and I agree that its a totally unacceptable situation. I think we have been able to make some progress in outsourcing the work and getting the accounting aspect complete for 2002 to 2011. The audit aspect, is taking longer that we would like, but as I said earlier, auditing that far back in the past is posing some quite significant challenges. But it clearly is not a good situation to put it mildly and the criticism is justified. Those of us in charge now are responsible, whatever went before.


  14. KP January 8, 2013 at 10:01 PM #

    I am completely nonpartisan and I honestly believe that your efforts to have the NIS audited will go a long way to restoring confidence in the institution and strengthen the corporate governance framework.

    On the topic of regional stock exchanges it would be interesting to evaluate the free-float performances of these respective sectors and geographic areas. I suspect that the majority of the performance was driven by insiders (not implying any illegal behavior) but simply saying that I find the movement of regional equities are driven by block transactions attributable to individuals or institutions with closely held interest.

    I do agree that Guyanese equities are quite interesting especially when linked to their comparatively better economic growth prospects. The expanding linkages with Brazil through new infrastructure may well be a catalyst for growth and equity returns.


  15. fragile80 January 9, 2013 at 1:05 AM #

    @ David

    In this hard guava season, investing in lotto tickets and other chance winnings is definitely becoming more appealing. Instant gratification seems more tenable than long term, sound, financial investments.

    Don’t consider the purchase of lotto tickets to be very risky…


  16. David January 9, 2013 at 1:32 AM #


    Indeed, we agree.


  17. Justin Robinson January 9, 2013 at 9:17 AM #

    Yes KP the Free Float rations are quite low which is a major problem for the regional exchanges. Trading is thin and prices are moved by small trades. We need a dose of economic democracy and some new dynamic companies.


  18. Justin Robinson January 9, 2013 at 9:22 AM #

    One of the big challenges in our economy is the lack of equity financing for private ventures. I applaud the move by the crane to get some equity investment in to drive it s development.


  19. Justin Robinson January 9, 2013 at 10:41 AM #

    Fragile 80, the expected return on a lotto ticket is negative because the probability of winning is so low. The house always wins with gambling they just play on your mind but letting you “win” often enough to keep you interested.


  20. fragile80 January 9, 2013 at 2:09 PM #

    @ Justin Robinson,

    Maybe I will have to play the lotto to get the money to invest in the stock market…
    Notwithstanding, was pleased to see that ECFH/BOSVG has an offering…


  21. millertheanunnaki January 9, 2013 at 2:27 PM #

    @ Justin Robinson | January 9, 2013 at 10:41 AM |

    The PM of St. Vincent and the Grenadines recently supported an IPO for the establishment of a national bank.
    What is your take on that move? Is it a good financial decision light of the fact that the more “enlightened” and financially savvy government of Bim just divested itself of the remaining interest in the erstwhile National Bank.
    By doing that and with the NIS following suit the other minority private shareholders were up a financial creek without an investment paddle.

    Do you know whether other Caricom nationals can participate in this IPO in SVG?


  22. Justin Robinson January 10, 2013 at 9:17 AM #

    I think its a good move in svg. Its gives the public in the oecs an investmentment opportunity in a profitable entity. Non oecs nationals can take part.


  23. David January 10, 2013 at 9:25 AM #

    @Dr. Robinson

    Can you shed light on the number of bailouts the OECS central bank has had to bailout post-2008? Possible implications for homegrown banks?


  24. Justin Robinson January 11, 2013 at 12:39 PM #

    An antiguan bank has recently had trouble. The shares of the bank in svg being offered for sale is a member of Eastern caribbean Financial Holdings Group (ECFH) which is a well diversified and strong entity. This does reduce the risk, but the oECS is under immense economic pressure which put all companies at greater risk.


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